Misconceptions About Wills and Probate

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196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 MISCONCEPTIONS ABOUT WILLS AND PROBATE

Transcript of Misconceptions About Wills and Probate

Page 1: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MISCONCEPTIONS ABOUT WILLS AND PROBATE

Page 2: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

WHAT ARE WILLS?

Page 3: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Wills are estate planning documents used to provide instructions regarding

what happens to your property following death.

Page 4: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Wills can also provide guardianship instructions for kids, instructions

for funeral plans, and more.

Page 5: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

WHAT IS PROBATE?

Page 6: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Probate is the process that occurs to:

Page 7: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Validate a will

Transfer assets according to the instructions in the will

Transfer assets through intestacy laws if there is no will

Otherwise wind up the affairs of the estate

Page 8: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

COMMON MISCONCEPTIONS

Page 9: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

There are common misconceptions about both wills and the probate

process.

Page 10: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MYTH: YOU DON’T NEED A WILL UNTIL YOU ARE OLD

Page 11: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

One myth is only older people should worry about making a will.

Page 12: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

This myth is wrong because younger people pass away unexpectedly far

too often.

Page 13: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

No matter what age you are, you should have a will to make

preferences known on your legacy and on the care of your children and

loved ones.

Page 14: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MYTH: A WILL IS ENOUGH TO BE A COMPLETE ESTATE PLAN

Page 15: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Too many people create a will and assume they are done with the

estate planning process.

Page 16: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

There may be many other steps you should take in addition to will creation that are important to

making a comprehensive estate plan.

Page 17: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Trusts, advanced directives, and asset planning are among the other

estate planning steps you might want to consider taking.

Page 18: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MYTH: PROBATE IS ALWAYS REQUIRED

Page 19: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Many people believe their family will always need to go through

probate after a death in order to inherit.

Page 20: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Family members of a deceased person also frequently believe

probate is required in every circumstance after a death.

Page 21: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

This isn’t always true.

Page 22: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Estate planning can make avoiding probate possible, and small estates

won’t always transfer through probate.

Page 23: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MYTH: IF ALL ASSETS TRANSFER OUTSIDE PROBATE, ESTATE TAX IS

NEVER CHARGED

Page 24: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

When assets transfer outside of probate, their value can still be counted for estate tax purposes.

Page 25: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

How an asset transfer is treated will depend upon different factors

including the way in which ownership is changed; who the new

owner becomes; and more.

Page 26: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

An attorney can help you to avoid estate taxes in an effective way if

you are concerned about taxation.

Page 27: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MYTH: YOU DON’T NEED A LAWYER

Page 28: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

You should have a lawyer both when making an estate plan and when going through the probate

process.

Page 29: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Contact an experienced attorney to find out more about how a legal

professional can help.

Page 30: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

LEARN MORE ABOUT MISCONCEPTIONS ABOUT WILLS AND PROBATE, NEW

YORK

Page 31: Misconceptions About Wills and Probate

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Click to visit mrobinsonlaw.com. Or call us at (585) 374-5210 to

schedule a consultation.